Commission approves Venetian’s public offering of $575 million

Friday, Oct. 22, 2004 | 11:06 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- Las Vegas Sands Inc., which owns the Venetian and is building the 3,000-room Palazzo on the Las Vegas Strip, has received final approval from the Nevada Gaming Commission to sell up to $575 million in common stock.

The public offering must still win approval from the federal Securities and Exchange Commission.

Greg Giordano, attorney for the Sands, told the commission Thursday he hoped the sale could be completed in December and the money will go toward expansion in such gaming markets at the United Kingdom and Asia.

The Venetian, led by Sheldon Adelson, is building a second casino with 118,000 square feet of gaming space and completion is expected 2007. While the Sands will build it, the Palazzo project will be leased and owned by another company, said Rob Goldstein, president of the Venetian.

The commission also questioned Sands executives about its gaming casinos in Macau that opened this year. Gary Saunders said the casino is still catering to the mass market and is moving slowly into attracting high-end gamblers.

Saunders said credit is given at the casino in Macau only to those who have established it at the Venetian.

In other action, the commission granted an unlimited license to Albert D. Seeno III to be a 5.1 percent beneficiary in the trusts of Albert and Sandra Seeno, who are part owners of the Peppermill in Reno, Western Village in Sparks and the Rainbow Club in Henderson. The license also allows him to be a 10.3 percent beneficiary in the trust that holds an interest in two clubs in Wendover.

Other non-restricted applications approved included William J. Allison to contract with New York-New York in Las Vegas, and Sheldon Adelson to put 16 percent of his stock in the Venetian in Las Vegas into a trust for family.

The commission also approved applications for the following companies to make public offerings: Shuffle Master, Inc., American Casino & Entertainment Properties LLC and Herbst Gaming.

The commission approved PDS Holding Co., a company that specializes in financing for leasing gaming equipment, to convert from a publicly traded company to a private company. It granted a license to Harold Holder for slot machines at the Wigwam Casino in Fernley.

The commission also approved tax refunds of $79,000 to the Palms Casino Resort and $99,000 to the Rampart Casino.